a proper fix was applied in core-main/rev/5a00b25d4a02. Now the emulator starts correctly on my Win7.
Stepan, please verify on your machine. If passed I'm going to backport it immediately once it was verified. Thank you

(In reply to comment #7)
> a proper fix was applied in core-main/rev/5a00b25d4a02. Now the emulator starts
> correctly on my Win7.
> Stepan, please verify on your machine. If passed I'm going to backport it
> immediately once it was verified. Thank you
Verified, works correct now.

Integrated into 'releases', will be available in build *201202242200* or newer. Wait for official and publicly available build.
Changeset: http://hg.netbeans.org/releases/rev/0f87c4deb121
User: Jiri Rechtacek <jrechtacek@netbeans.org>
Log: #208636: ME 3.0.5 emulator never starts on Win 7 64bit
(transplanted from 9d338fafd1da3539e90d5a354098d30d5aa1c6cb)

(In reply to comment #16)
> Please, reopen this issue and file it as a new report with description your
> problem in detail. Thanks
I believe Jiri wanted to say not to reopen this issue... This issue was about missing Java configuration for MESDK in NetBeans installer and that was resolved.
Open the file
C:\Program Files\NetBeans 7.1.1\mobility\Java_ME_platform_SDK_3.0.5\bin\java
and check whether it contains correct path to Java (should be the same that is used for running NetBeans).
Please open a new issue as suggested with contents of this file and with details about your NetBeans and Java installations.

(In reply to comment #17)
> (In reply to comment #16)
> > Please, reopen this issue and file it as a new report with description your
> > problem in detail. Thanks
>
> I believe Jiri wanted to say not to reopen this issue... This issue was about
> missing Java configuration for MESDK in NetBeans installer and that was
> resolved.
All right. My intention was to say _dont reopen_. Thanks Stepan for a correction.
> Open the file
> C:\Program Files\NetBeans 7.1.1\mobility\Java_ME_platform_SDK_3.0.5\bin\java
> and check whether it contains correct path to Java (should be the same that is
> used for running NetBeans).
> Please open a new issue as suggested with contents of this file and with
> details about your NetBeans and Java installations.